Surging Need to Avoid Vendor Lock-in to Create Lucrative Demand for Multi-Cloud Management Solutions in US
According to our latest market study on “US Multi-Cloud Management Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Component, Deployment, Application, and Verticals,” the US multi-cloud management market size is expected to grow from US$ 2,411.5 million in 2022 to US$ 10,741.1 million by 2028. The US multi-cloud management market size is expected to grow at a CAGR of 28.3% from 2022 to 2028.
Avoiding vendor lock-in is the most frequently mentioned benefit among the many advantages of a multi-cloud strategy. In 2017, as per a survey conducted by Stratoscale, more than 80% of businesses expressed moderate anxiety about being tied to a single public cloud platform. However, adopting multi-cloud management can help avoid such instances among some organizations' basic needs. Due to the multi-cloud approach, end customers can now switch between several providers, which lessens their reliance on a single supplier. This relative independence encourages customers to haggle with merchants for lower prices. Service level agreements (SLAs) for multi-cloud management services provide data deployment flexibility and permit end users to migrate their workloads to different clouds as needed. End users can also utilize multi-cloud management systems to manage complicated applications across several heterogeneous cloud platforms to benefit from the highest level of independence. Due to the abovementioned factors, multi-cloud management removes vendor lock-in and permits easy switching between vendors. Thus, the multi-cloud management's elimination of vendor lock-in ability is contributing to the multi-cloud management market growth during the forecast period.
The multi-cloud management market is segmented by component, deployment, application, verticals, and geography. US multi-cloud management market analysis by component, the market is segmented into solution and service. The solution segment led the multi-cloud management market with a larger multi-cloud management market share in 2021. In terms of deployment, the market is bifurcated into public cloud and private cloud. The public cloud segment led the market with a larger multi-cloud management market share in 2021. US multi-cloud management market analysis by application, the market is segmented into infrastructure and resource management, identity and policy management, compliance management, metering and billing, and provisioning and lifecycle management. The infrastructure and resource management segment led the market with the largest market share in 2021. Based on verticals, the market is segmented into IT & Telecom, BFSI, government, retail & consumer goods, travel & hospitality, healthcare & life science, and others.
Impact of COVID-19 Pandemic on US Multi-Cloud Management market
Adopting a "work-from-home" culture due to lockdown, organizations with their workloads on the cloud had an advantage over others transitioning to the cloud and trying to adjust to the circumstances. During the COVID-19 pandemic, organizations adopted various cloud solutions and services and cooperated with businesses such as Microsoft, AWS, and Zscaler to accomplish agility while servicing clients and ensuring data security. Thus, the COVID-19 pandemic positively impacted the multi-cloud management market due to a significant shift in digital platform usage and work-from-home policies, increased digital data generation, and potential cyberattack escalation.
BMC Software, Inc.; Cisco Systems, Inc.; Flexera; International Business Machines Corporation; Micro Focus International plc; Zerto Ltd.; VMware, Inc.; Snow Software, Inc.; UnityOneCloud; and Dynatrace, Inc. are a few key players operating in the US multi-cloud management market. Several other US multi-cloud management market players have also been analyzed during the course of this US multi-cloud management market study.
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